Canaccord Genuity Group Cuts Driven Brands (NASDAQ:DRVN) Price Target to $17.00

Driven Brands (NASDAQ:DRVN) had its price objective lowered by Canaccord Genuity Group from $21.00 to $17.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada lowered their price objective on shares of Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a research report on Monday, February 26th. The Goldman Sachs Group lowered their target price on shares of Driven Brands from $16.00 to $14.00 and set a neutral rating on the stock in a report on Friday. JPMorgan Chase & Co. cut shares of Driven Brands from an overweight rating to a neutral rating and cut their price target for the stock from $18.00 to $12.50 in a report on Friday. Morgan Stanley cut Driven Brands from an overweight rating to an equal weight rating and dropped their target price for the stock from $22.00 to $14.00 in a research report on Tuesday, January 16th. Finally, Piper Sandler reduced their price target on Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a report on Friday. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $17.94.

Driven Brands Stock Down 0.9 %

DRVN stock opened at $11.59 on Friday. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -2.49, a price-to-earnings-growth ratio of 0.72 and a beta of 1.19. The company has a fifty day moving average price of $14.55 and a 200 day moving average price of $13.56. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73. Driven Brands has a 12 month low of $10.59 and a 12 month high of $29.88.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. Driven Brands had a negative net margin of 33.30% and a positive return on equity of 11.38%. The business had revenue of $553.70 million during the quarter, compared to analysts’ expectations of $572.92 million. During the same period in the prior year, the company earned $0.22 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. Sell-side analysts expect that Driven Brands will post 0.88 earnings per share for the current year.

Institutional Investors Weigh In On Driven Brands

Institutional investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Driven Brands in the 3rd quarter valued at $783,000. Bank of New York Mellon Corp boosted its holdings in Driven Brands by 2.6% in the third quarter. Bank of New York Mellon Corp now owns 208,008 shares of the company’s stock valued at $2,619,000 after acquiring an additional 5,238 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Driven Brands by 27.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,391 shares of the company’s stock worth $131,000 after acquiring an additional 2,259 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Driven Brands by 6,787.0% in the 3rd quarter. Signaturefd LLC now owns 6,887 shares of the company’s stock worth $87,000 after purchasing an additional 6,787 shares during the period. Finally, Jump Financial LLC acquired a new position in shares of Driven Brands in the 3rd quarter valued at about $2,658,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

About Driven Brands

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.